Bitcoin has recently shown renewed strength, surging past the $64,750 resistance mark. As it consolidates around $65,000, it looks set to maintain support at this level. Currently trading above $64,200 and the 100 hourly Simple Moving Average, Bitcoin is poised for another potential rally. A contracting triangle with resistance at $65,250 has formed on the hourly BTC/USD chart, signaling that a clear break above this point could trigger a fresh increase.
The price found a solid foundation near $62,650 before rebounding above the $63,500 resistance. Bulls managed to push the price past the $64,200 barrier, marking a high of $65,764 before a minor pullback. The decline saw Bitcoin dip below $65,200 and the 23.6% Fibonacci retracement level from its climb between $62,673 and $65,764.
Despite this dip, Bitcoin is still trading comfortably above $64,500 and remains above the 100 hourly Simple Moving Average. Should it rise again, resistance is expected near $65,250. This point is also reinforced by a short-term contracting triangle. Surpassing $65,250 could lead to further gains, with subsequent resistance at $65,500. Breaking this barrier might propel Bitcoin to $66,200 and potentially beyond, testing resistance at around $67,500.
However, if Bitcoin cannot overcome the $65,250 resistance, it may face downward pressure. Immediate support is found around $64,850, with more significant support at $63,850. This is also near the 61.8% Fibonacci retracement level of its recent ascension. Should the $63,850 support fail, the price might fall further, potentially revisiting the $62,650 level.
Technical indicators reveal that the hourly MACD is losing momentum in the bullish territory, while the RSI for BTC/USD remains above the 50 mark. Major support levels stand at $64,850 and $63,850 respectively, with key resistance levels at $65,250 and $65,500.
